Contactless spending up but losses in major sectors will 'haunt' us

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Contactless Spending Up But Losses In Major Sectors Will 'Haunt' Us
Consumers spent more on sporting goods and cards last month than they did in December 2019.
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Irish consumers are making the move to contactless payments due to Covid-19 according to VISA.

A study found that 70% of people are using contactless payment more often and that there has been a "fundamental shift" from cash.

The research also found that over half of consumers surveyed would switch shops if contactless facilities weren't available.

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Country Lead for VISA in Ireland, Philip Konopik says while contactless payments have gone up, there has been a big reduction in people booking holidays abroad.

"The offset of some of the spikes in travel and entertainment still makes a huge dent in global consumption.

"There are some nuggets in terms of increases in e-commerce spending, but generally the impact of the loss of those big sectors and the fact that they're so deep is going to haunt us for some time."

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